Ethereum's new DEX Ethervista guzzles gas and bucks the trend of low network fees

Ethervista, which describes itself as ethereum’s “Pump.fun,” published its whitepaper on August 31, claiming to be a “compound value deflationary coin” with the VISTA token.

Pump.fun is a Solana-based marketplace that allows users to easily create and distribute their own tokens, which are primarily meme coins.

Its gas consumption has increased to become the largest consumer, consuming 150 eth worth of gas over the past day. ethereum-gas-used-leaderboard” target=”_blank” rel=”noopener” data-wpel-link=”external”>according for Dune Analytics.

Deflationary DeFi Asset

The platform automatically and constantly buys and burns tokens, increasing the floor price each time, he explained. Ethervisa also touted a fair launch with a five-day liquidity lockup after finding that most token withdrawals occur between two and four days after launch.

Additionally, the total supply was distributed to the liquidity pool and locked for five days. Swaps accrue a gas fee in eth, which is distributed to liquidity providers. It has a deflationary supply capped at one million tokens, and issuance is reduced over time by coin burning.

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It's time to explain how twitter.com/search?q=%24VISTA&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$VIEW works
VISTA is a deflationary currency with compound value.

That?

This means that Ethervista automatically buys and burns tokens constantly, increasing the floor price each time. This is a type of feature that EthervistaDEX makes possible.

TO… image.twitter.com/69LBf3ZQqT

— Ethervista (@ethervista) twitter.com/ethervista/status/1830827448340226492?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>September 3, 2024

The project is targeting a void in ethereum’s DeFi market that has been filled by rival platforms Base and Solana, which have attracted meme coin degenerates and are driving revenue for the network.

On September 2nd, Ethervista x.com/ethervista/status/1830647924738453704″ target=”_blank” rel=”noopener” data-wpel-link=”external”>noted that many pairs were being created. He strongly urged creators to burn their liquidity “as transferring LP tokens to the burn address does not change their share of the LP rewards.”

VISTA rose to an all-time high of nearly $30 on Sept. 2 before falling to $18.23 with a market cap of nearly $20 million at the time of writing, according to DEXscreener.

ethereum fees drop

The launch comes amid growing concerns that ethereum’s supply could once again become inflationary as network fees plummet. Since the Dencun upgrade in March, which massively reduced layer 2 fees, ethereum’s layer 1 has been suffering.

ethereum's supply is currently inflating by 0.73% per year and has grown by 0.2% since April to reach 120.32 million, according to Ultrasound.Money.

Additionally, ethereum Layer 1 revenue fell by 99% over the past six months, according a Token Terminal. This has reduced demand for the asset used to pay network fees in gas.

ethereum community member Ryan Berckmans refuted some of the FUD, stating that “ethereum is not 'aiming' to charge fees. Fees are not a goal, they are a byproduct.”

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ethereum is not “aiming” to charge fees. Fees are not an aim, they are a byproduct.

We happen to charge fees because we built a platform that is too useful to remain uncongested, and fees are the best way we know how to solve that congestion.

eth is money, ethereum is for users

– Ryan Berckmans ryanb.eth (@ryanberckmans) twitter.com/ryanberckmans/status/1830607285485523332?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>September 2, 2024

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